The evolution of international gold market can be divided into the evolution of market structure and the innovation of trading tools. Theoretically, it can be classified into the category of financial innovation, which coincides with the innovation climax of international financial market from the mid-1970s to the end of 1980s. (1) The evolution stages of the international gold market are mainly divided into the following stages according to the evolution of the market structure: the first stage: from 1945 to 1968, western industrial countries established a gold pool, linking the private gold price with the official dollar price, thus controlling the market price of gold. The second stage: from 1968 to 1972, abandon the main bank of gold and establish a double gold market. The purpose is to isolate the gold trading between central banks from the private gold market. 1972 experimental gold futures on Winnipeg Commodity Exchange, Canada. The third stage: from 1973 to 1982, 1973, the dollar was decoupled from gold, and the major western industrial countries abandoned the dual gold market and formed a unified international gold spot market. In the meantime, the US government and IMF auctioned gold several times. 1975, the us government allowed private trading and storage of gold. In order to increase the liquidity of the gold market, COMEX launched gold futures at 1974 and gold options at 1982. The fourth stage: 1983- 1992 The wave of financial liberalization has promoted the further opening of the international gold market, and the global market operation mode connecting Tokyo, Hongkong, new york and Cape Town has basically taken shape, with London as the trading center and Zurich as the transshipment center. Stage 5: Starting from 1993, the bank launched diversified OTC gold derivatives and financing tools. Central banks are more active in using the international gold market to manage gold reserves.